If you’ve gone bankrupt, your credit score has probably taken a negative turn. You can maintain a bankruptcy status on your credit report for up to 10 years and can lower your score by 160 to 220 points. In these times of tight negative credit, that makes getting a loan very difficult.
No bank or financial institution will approve a loan for you without a good credit rating. It seems natural that people who have gone through bankruptcies or other serious financial challenge would need to borrow money most of the time.
Notwithstanding, such people tend to have the most trouble getting the loans that they need. When you find yourself in this situation, you may feel that you are probably out of options. After all, is anyone going to lend you money during these tight times?
Have You Considered Car Title Loan?
Car title loans one possible solution to your borrowing needs if you have filed for bankruptcy. This is because they do not run credit checks therefore, your bankruptcy filing won’t be of concern to them and they probably won’t even know about it.
Apart from possibly avoiding a credit check, obtaining a car title loanis typically easier and quicker than getting a traditional loan. The process is usually faster, as you’ll surely have your money on the same day that you apply for it. Basically, if you own your car and can have a few relevant documents, you will be well on your way to getting a car title loan.
What do I need to get car title loan?
Every lender has different requirements for approving your car title loan. The only thing that will be required of you when getting a title loan is your proof of employment and income status. Don’t worry as the lending companies understand that all documents provided by their clients is strictly confidential and they treat it as such.
How much can you get?
Generally, loans can start at a few hundred dollars and can go much higher, this depends on the value of your car. With low loan amounts, you may be asked to take out a pawn loan.
You may have to temporarily allow the lender to possess your car in this case, so be sure that you fully understand the terms before you agree to such a deal. However, with a higher amount, you’ll probably end up with a car title loan, which usually requires you to submit the title for the period of the loan but not the car itself.
Are There Any Risks?
There are risks to any business transaction that you engage in. From buying food or electronics to obtaining a loan from a traditional bank, there is a risk that the product or service is bad or that the business will not yield.
To reduce the risks that you could face with a car title lender or any other business, be sure to take reasonable precautions and have good understanding of what you are signing up for.